Braidwell LP Acquires 1,040,159 Shares of Xencor, Inc. $XNCR

Key Points

• Braidwell LP significantly increased its stake in Xencor, Inc. by 169.0% in the first quarter, owning approximately 2.33% of the company worth $17.6 million.
• Several analysts have recently downgraded their price targets for Xencor, with Barclays setting a new low target of $6.00 and maintaining an "underweight" rating.
• Xencor reported positive earnings results for the last quarter, beating estimates with a revenue of $43.61 million, marking an 82.4% increase year-over-year.

Braidwell LP boosted its stake in Xencor, Inc. (NASDAQ:XNCR - Free Report) by 169.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,655,690 shares of the biopharmaceutical company's stock after acquiring an additional 1,040,159 shares during the period. Braidwell LP owned 2.33% of Xencor worth $17,617,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Primecap Management Co. CA boosted its holdings in Xencor by 8.6% in the first quarter. Primecap Management Co. CA now owns 9,761,012 shares of the biopharmaceutical company's stock valued at $103,857,000 after acquiring an additional 776,580 shares in the last quarter. RTW Investments LP lifted its position in Xencor by 317.9% during the fourth quarter. RTW Investments LP now owns 2,402,883 shares of the biopharmaceutical company's stock valued at $55,218,000 after buying an additional 1,827,883 shares during the period. BVF Inc. IL lifted its position in Xencor by 169.3% during the fourth quarter. BVF Inc. IL now owns 2,288,760 shares of the biopharmaceutical company's stock valued at $52,596,000 after buying an additional 1,438,760 shares during the period. Dimensional Fund Advisors LP lifted its position in Xencor by 7.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,501,532 shares of the biopharmaceutical company's stock valued at $34,509,000 after buying an additional 102,297 shares during the period. Finally, Woodline Partners LP lifted its position in Xencor by 0.3% during the fourth quarter. Woodline Partners LP now owns 845,916 shares of the biopharmaceutical company's stock valued at $19,439,000 after buying an additional 2,591 shares during the period.

Insider Buying and Selling

In related news, Director Kurt A. Gustafson sold 2,993 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $9.22, for a total value of $27,595.46. Following the transaction, the director directly owned 20,183 shares of the company's stock, valued at approximately $186,087.26. The trade was a 12.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ellen Feigal sold 2,993 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $9.22, for a total value of $27,595.46. Following the sale, the director directly owned 19,183 shares in the company, valued at $176,867.26. This trade represents a 13.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,194 shares of company stock valued at $103,209. Corporate insiders own 5.23% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Royal Bank Of Canada lowered their price objective on Xencor from $32.00 to $15.00 and set an "outperform" rating for the company in a research report on Thursday, August 21st. Bank of America lowered Xencor from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $23.00 to $12.00 in a research report on Wednesday. Wedbush reaffirmed an "outperform" rating and issued a $26.00 price target on shares of Xencor in a research report on Tuesday. Wells Fargo & Company lowered their price target on Xencor from $33.00 to $27.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Finally, Barclays lowered their price target on Xencor from $22.00 to $6.00 and set an "underweight" rating for the company in a research report on Thursday, May 8th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $22.25.

Xencor Trading Up 0.5%

NASDAQ:XNCR traded up $0.04 during mid-day trading on Thursday, reaching $8.37. The company's stock had a trading volume of 870,106 shares, compared to its average volume of 764,094. The firm's fifty day moving average price is $8.28 and its two-hundred day moving average price is $9.69. The stock has a market cap of $596.95 million, a P/E ratio of -3.49 and a beta of 0.82. Xencor, Inc. has a 12-month low of $6.92 and a 12-month high of $27.24.

Xencor (NASDAQ:XNCR - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.78) by $0.37. The business had revenue of $43.61 million during the quarter, compared to the consensus estimate of $22.59 million. Xencor had a negative return on equity of 25.75% and a negative net margin of 121.52%.The business's quarterly revenue was up 82.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.07) EPS. Analysts predict that Xencor, Inc. will post -3.68 earnings per share for the current fiscal year.

Xencor Company Profile

Xencor, Inc, a clinical stage biopharmaceutical company, focuses on the discovery and development of engineered monoclonal antibody and cytokine therapeutics to treat patients with cancer and autoimmune diseases. The company provides Sotrovimab that targets the SARS-CoV-2 virus; Ultomiris for the treatment of patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome; and Monjuvi for the treatment of patients with relapsed or refractory diffuse large B-cell lymphoma.